"It's no surprise that the majority of homeowners aren’t aware that most lenders now opt for desk or drive-by valuations, particularly if they haven’t moved in recent years"
New research by home survey specialists, GB Home Surveys, found that 67% of UK homeowners would not feel happy relying on a desk or drive-by survey when purchasing a new house after surveying over 500 UK homeowners on their perceptions of the current housing market.
When questioned on property valuation methods, 59% of homeowners were unaware that the majority of mortgage valuations are now completed via desk or drive-by surveys, with 70% confirming they do not feel such valuations would be able to identify any potential issues with the property.
As such, a massive 81% of UK homeowners advised they would opt for an additional, dedicated Home Survey to check the property’s condition and any state of repair before finalising the house purchase.
Moving
The research also found that 58% are not considering moving house in 2023, with a further 23% ‘unsure’. However, the percentage of those ‘staying put’ in 2023 almost halves over the next 2 – 3 years, where 36% confirmed they would be looking to move during this timeframe, with just 32% happy to remain in their current home.
Only 12% of homeowners in the South West are planning to move house in 2023, compared to 23% of homeowners in London and the South East. 38% of homeowners across the Midlands are looking to move house within the next 2 – 3 years, with a further 28% currently unsure.
Damp
43% of homeowners revealed they have experienced issues with damp when either purchasing or renting a property, with 26% confirming they have experienced electrical issues. 41% of the respondents had moved house within the last 1 – 5 years, with just 7% having moved within the last 12 months.
James Quinn, Managing Director of GB Home Surveys, said: “This new research is very interesting and not only highlights that there is still an appetite for some homeowners to move house amidst current concerns over mortgage rates and the cost of living but also shows a clear belief that these challenges will be overcome within the next 2 – 3 years as nearly two-thirds of homeowners are planning or at least considering a move during this timeframe.
"It's no surprise that the majority of homeowners aren’t aware that most lenders now opt for desk or drive-by valuations, particularly if they haven’t moved in recent years. However, the fact 40% have experienced issues with damp highlights the sheer importance of a thorough home survey prior to completing on any property purchase.”
